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Remortgaging down 9.7%


Remortgaging

The £5.6bn of remortgaging recorded during March 2018 was 9.7% down on the same period last year, according to the latest figures.

UK Finance’s mortgage trends update revealed that there were 32,400 new homeowner remortgages completed during March, 12% fewer than in the same month a year earlier.

“Remortgaging levels softened in March after a busier than usual start to the year saw customers locking into attractive deals ahead of a potential interest rate rise,” said Jackie Bennett, director of mortgages at UK Finance.

The financial trade body revealed that there had been a small increase in new lending to first-time buyers, up 2% year-on-year to £5.1bn.

Meanwhile, there were 5,500 BTL home purchase mortgages completed in March, 19.1% fewer than in the same month last year.

"There has been relatively flat growth in lending to first-time buyers, reflecting recent Bank of England figures showing a fall in mortgage approvals,” added Jackie.

“Meanwhile, the buy-to-let market remains subdued, as recent tax and regulatory changes continue to have an impact on demand.”





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